Global recessions are widespread decline in the global economic activity that can have many causes but the 5 prime causes are
Unemployment – Recessions can cause unemployment, and unemployed people have less money to spend.
Higher Interest Rates – Higher interest rates can cause a housing market crash, which can affect consumer wealth and spending.
Inflation – Cost-push inflation can contribute to a recession, especially when inflation is higher than nominal wage growth.
Asset Bubbles – Asset bubbles occur when the price of an asset increases rapidly without justification.
Deflation – When prices fall over time, incomes also tend to fall, which can create a cycle where consumers and businesses stop spending.